Third quarter leasing activity hits two-year high

Boston’s overall office leasing market showed significant gains in Q3 2024, with leasing activity totaling 3.4 million square feet (msf), up from 1.7 msf in the prior quarter and up from 2.6 msf a year ago. The third quarter leasing volume is also the highest level since the 3.5 msf reached in Q1 2022. The two separate renewals by Vertex Pharmaceuticals totaling 1.1 msf, and Bain Capital’s 378,000-square-foot renewal/expansion were large contributors to this quarter’s uptick. After 16 consecutive months of negative office-using employment growth for Boston, the pace of declines has slowed since the end of Q1 2024 and sits at a 14-month low as of the last read. The advancements made on the leasing and employment front could be the first signs pointing to a more positive trajectory in future quarters.

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